Explain the audit procedures that can be performed with the help of CAATs.

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Chapter 3, Problem 21RC

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Explain the audit procedures that can be performed with the help of CAATs.

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During the first month of operations, the following transactions were completed by ABC Corporation: Dec 1 Issued 25,000 shares of $1 par common stock for cash of $23 per share. Dec 3 ABC Company pays cash for Land and a building to be used in operations. The land cost $65,000 and the building cost $154,800. Dec 4 Purchased $18,000 of store fixtures on account. Dec 5 Purchased merchandise inventory from XYZ Company for $125,000, terms n/eom, FOB destination. Dec 6 ABC sold $50,000 of merchandise on account, n/10, FOB shipping point. The cost of merchandise sold was $20,000. Dec 9 Paid adverting costs of $20,000 to promote new business. Dec 10 Purchased merchandise inventory from QRS Company for $100,000, terms n/30, FOB destination. Dec 11 Purchased 500 shares of treasury stock for $17 per share. Dec 12 ABC's Board of Directors declared a $30,000 cash dividend. Dec 13 Paid $750 for utilities. Dec 15 Paid cash dividends to common shareholders. Dec 16 Received…

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